227%: INTEREST RATE ON CREDIT CARD DESIGNED TO 'HELP' FAMILIES THIS CHRISTMAS
Britain's most expensive credit card, which carries an interest rate of 227 per cent, is being promoted as a solution for hardpressed families this Christmas.
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The 'Easy Shop card is linked to Argos and offers one possible solution to parents who do not have the cash to buy presents for the children.
However, MPs and debt experts last night condemned the extortionate charges as 'wicked' and warned struggling shoppers to reject the card.
Argos chiefs revealed last week that the company's sales are running around 9 per cent down on this time last year.
The firm apparently believes that the 'Easy Shop' card will help its bottom line in the crucial festive trading period.
A customer borrowing £100 on the card and repaying it over 27 weeks at £5 a week would pay a total of £135, which equates to an APR - annual percentage rate - of 227 per cent.
The card is produced in association with the finance company Provident Financial.
The firm's website states: 'We have teamed up with high street retailer Argos to give you a great way to shop - the 'Easy Shop card'; a plastic card that lets you shop at Argos, without the worry of overspending.'
Agents from Provident call at the homes of customers to collect the agreed repayments every week.
(From Mail Online)
jollyweez
That is sheer wicked greed. Working on the minds of those longing to grant the wishes of their loved ones. The ones who work hard each day trying to make their homes like the ones they see on TV and movies. The panic starts around the end of September - Christmas is coming again! If only we could all say 'NO!" this year and from now on. Just gather together and give thanks over the dinner table. Boycott the stores and save the gifts for birthdays.